Nasdaq closes slightly lower despite big Dow slide
Reuters Story - January 15, 1998 16:32
%ELC %US %ELI %DPR %BUS %ENT %STX %HOT %.O INTC COMS DELL CSCO ADCT V%REUTER P%RTR
NEW YORK, Jan 15 (Reuters) - The Nasdaq Composite Index
finished slightly lower Thursday, despite a 90 point drop in
the Dow Jones Industrial Average, as a string of strong
earnings from technology companies overshadowed lingering
concern about Asia's economic turmoil.
"A lot has to do with the technology earnings," one trader
said. "Also the Nasdaq has been more oversold than the Dow and
is due for a rally."
The index unofficially closed down 1.69 points -- or 0.11
percent -- at 1547.07, on unofficial volume of more than 658
million shares. Declines led advances 2,274 to 2,085.
One trader said he spotted more activity than usual in
small-capitalization stocks -- something he took as a positive
sign for technology shares going forward. Of late, investors
have avoided small-cap stocks, buying instead bigger issues,
which they viewed as less risky.
Among the most active issues, Intel Corp , which
posted better-than-expected earnings earlier this week, fell
2/16 to 75-5/16, 3Com Corp gained 13/16 to 33-1/2,
Dell Computer Corp rose 1/4 to 91-5/8 and Cisco
Systems gained 7/16 to 57-7/16.
ADC Telecommunications Inc , the most-active issue,
fell 5-9/16 to 30-7/16 after analysts downgraded the stock. |
